South Korea is preparing to launch a pilot program for deposit tokens based on a central bank digital currency (CBDC). This initiative, led by the Bank of Korea and financial authorities, will enable 100,000 individuals to make purchases using deposit tokens issued by commercial banks. The move comes as CBDCs gain increasing attention, with 11 […]
Standard Chartered Bank, an international bank with deep roots in the Chinese market, has announced its participation in China’s digital yuan project. The bank will offer services such as digital yuan exchange and redemption to its customers. It will also access the digital currency’s interconnection platform through City Bank Clearing Services Co., Ltd. Standard Chartered […]
Hong Kong’s financial regulators have decided to retain the grace period for crypto firms despite recent scandals involving fraudulent activities in the crypto sphere. The grace period allows crypto firms to continue operating without a license until June 2024, giving them ample time to comply with new regulatory standards. The Securities and Futures Commission (SFC) […]
Global financial firm Circle has announced a strategic partnership with Japanese financial services company SBI Holdings, Inc. The partnership aims to promote the adoption of Circle’s USDC stablecoin and web3 services in Japan. Both parties have signed a Memorandum of Understanding (MOU) to work towards the circulation of USDC and expand the use of stablecoins […]
Hong Kong’s Securities and Futures Commission (SFC) has taken action against a suspected fraudulent crypto asset trading platform called Hounax. The SFC flagged the company earlier this month, marking a significant step in the city’s efforts to combat crypto-related scams. The Hong Kong Police Force has initiated an investigation into the alleged scam, following reports […]
A one-year grace period for cryptocurrency exchanges in Hong Kong will continue despite recent scandals. Julia Leung, Hong Kong’s Under Secretary for Financial Services and the Treasury, stated that fraud will still occur even if the grace period ends, so there are no plans to modify the grace period or other measures at this time. […]
British multinational bank Standard Chartered has announced its participation in trials of China’s digital yuan central bank digital currency (e-CNY CBDC), making it one of the first foreign banks to do so in the country. Through its partner City Bank Clearing Services Co., Standard Chartered will allow its clients to purchase, exchange, and redeem e-CNY […]
The Hong Kong Police have launched an investigation into Hounax, a cryptocurrency trading platform, following multiple complaints of scams totaling $15.4 million. Victims claim that they were lured into investing in crypto on the platform but faced difficulties when trying to withdraw their funds. Some victims are blaming the authorities for their losses. One victim, […]
Circle, the issuer of the USDC stablecoin, has partnered with SBI Holdings, a Japanese securities and banking giant, to increase the circulation of USDC in Japan. The partnership was formalized through a memorandum of understanding (MOU) and requires SBI Holdings to register as an electronic payment services provider in Japan. This collaboration comes after the […]
Circle, the stablecoin issuer behind USD Coin (USDC), has partnered with Tokyo-based financial services firm SBI Holdings to promote the adoption of USDC and Web3 services in Japan. The collaboration was formalized through a memorandum of understanding (MOU) signed on November 27. This move comes after the Japanese government revised the Payment Services Act to […]
